Intel Chief Executive Pat Gelsinger Retires, No Clear Successor in Sight, Wedbush Says

MT Newswires Live00:38

Intel (INTC) Chief Executive Officer Pat Gelsinger has retired and the is "no clear successor" to replace him, Wedbush said in a note Tuesday.

"We believe Intel requires a proven visionary (e.g. a James Keller who already has moved on from Intel) or an operations leader who has succeeded in building advanced semiconductor manufacturing capacity," Wedbush analysts Matt Bryson and Antoine Legault wrote in the note.

Intel said Monday that CEO Gelsinger has stepped down, effective December 1, 2024, and will also leave his position on the company's board. Chief Financial Officer David Zinsner and Michelle Johnston Holthaus, EVP and General Manager of Intel's Client Computing Group, will take on the roles of interim co-CEOs while the board searches for a permanent successor.

Wedbush said that while the semiconductor manufacturer has been "bullish" about its progress with 18A, it sees the strategic shift as a sign the board is not very optimistic about the company's manufacturing efforts.

Leadership change raises the likelihood of a "larger strategic shift", including potential separation of Intel's design and fab operations, though regulatory constraints under the CHIPS Act may limit this option, Wedbush added.

Wedbush has a neutral rating on Intel's stock with a $25 price target.

Intel shares fell more than 4% in recent trading.

Price: 22.76, Change: -1.18, Percent Change: -4.91

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